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MMG Ltd Announces Divestment Of Mutoshi Project And Acquisition Of Anvil Mining Limited and Mining Rights

Friday, 6 Sep 2013 06:00am EDT 

MMG Ltd announced that it relation to a recommended takeover offer to acquire all of the common shares in Anvil Mining Limited (Acquisition). As part of the Acquisition, the Company acquired the Mutoshi copper/cobalt project (Mutoshi Project) located at Kolwezi in the Democratic Republic of Congo (DRC). As disclosed in the Circular, the Company’s wholly-owned subsidiary Entreprise Minière de Kolwezi SPRL (EMIKO) and Générale de Carrières et des Mines SARL (Gécamines), were parties to a joint venture established to develop the Mutoshi Project through a special purpose joint venture company, Société Minière de Kolwezi SPRL (SMK). As further disclosed in the Circular, under a Heads of Agreement dated 10 February 2012, EMIKO granted Gécamines a right to purchase EMIKO’s 70% interest in the Mutoshi Project for an agreed value of $52.5 million. 

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